政府干预、经济影响力与融资约束

The Influence of Government Intervention and Local Economic Influence on the Financing Constraint

以我国上市公司为研究样本,从理论机制与实证检验两方面对政府干预、企业经济影响力与融资约束的关联机制进行探讨。研究结果表明,经济影响力的提高能有效缓解企业融资约束。同时,经济影响力对于融资约束的影响能够在一定程度上克服因企业国有股份比例差异所导致的融资歧视,但会强化经济影响力大且国有股份比例高的企业在融资方面的优势地位。

The paper studies the correlation between financing constraint and company＇ s local economic influence in the view of government intervention. The result shows that the higher local economic influence of company is the stricter finan- cing constraint will be. Further, it also finds the positive impact of the company＇ s local economic influence on the financing constraint could reduce ownership discrimination exist in the financing market, but would consolidate the advantage of state- owned company with great local economic influence.